In a theoretical world of costless arbitrage, mNAV > 1 could plausibly be shorted down. But in the real world, shorting the premium is expensive with borrow fees, has squeeze risk, can be slowed by ATM pause or buybacks, and is capital-intensive with BTC long. Add in upward volatility skew, potential positive carry of BTC on balance sheet, and the company’s option value of future leverage. These are durable structural factors for mNAV > 1 mean-reversion after bear markets.